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Bitfire is a licensed and compliant digital asset financial services group, centered on a private-banking-grade digital asset steward. It provides high-net-worth clients with one-stop services from account opening, trading, custody, asset management to trust. Users complete compliance verification via a dedicated steward, then issue trading instructions in the APP, which are executed through licensed exchanges; assets are safeguarded by institutional-grade custody, with support for virtual asset trusts and succession planning. Its mechanism leverages Hong Kong's SFC license framework, mapping traditional private banking service models to digital asset scenarios.
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About Bitfire
Bitfire is a licensed digital asset service platform in Hong Kong, holding SFC Type 1, 4, and 9 licenses along with a trust license, legally authorized to provide securities trading, investment advisory, asset management, and trust custody services. Its business covers OTC block trading, exchange trading, asset management, trust and custody, and recently expanded into RWA (real-world asset tokenization) related services.
Regarding market pain points, the digital asset industry has long suffered from regulatory gaps, insufficient information disclosure, and opaque asset custody. During market volatility, some products have faced liquidity crises or even collapsed, leaving investors without trustworthy licensed channels. Bitfire's core value lies in covering the entire chain of asset trading, custody, and management under a licensed compliance framework, reducing compliance and operational risks for investors.
Key developments in the past six months: In April 2026, it completed the acquisition of BitTrade, a licensed Japanese exchange, entering the Japanese market. In August 2026, it launched Alpha RWA, Hong Kong's first compliant crypto quantitative product, using RWA as a medium to capture arbitrage opportunities related to AI and crypto assets. Business metrics: OTC clients grew from 8 to 31 (31.1% monthly growth), private banking-grade accounts grew from 37 to 305 (52.5% monthly growth), and custody assets reached approximately US$145.6 million.
Risks: The business is subject to crypto market volatility and regulatory policy changes. RWA and quantitative strategies are still in early stages, and actual performance remains to be verified.
Based on Bitfire's latest interim results for the six months ended March 31, 2026 (H1 2026), revenue was HK$1,965.7 million, down 43.1% YoY. Gross profit rose 141.8% to HK$26.6 million, with gross margin improving to 1.4%. Net loss attributable to owners widened to HK$244.9 million (loss per share HK$32.56 cents), mainly due to fair value losses on crypto assets and higher operating, R&D and administrative expenses. Net cash increased 114.2% to HK$28.3 million. AUM reportedly doubled to HK$2.295 billion. Overall, while revenue declined and losses expanded due to market conditions and investment, improved gross margin, stronger cash position and business growth (OTC, asset management, trust/custody) indicate a recovering profitability trend and strategic progress.
Key progress over the past six months: Completed strategic upgrade, acquired Avenir Group's investment and trading system, integrating its long-term BTC strategy capabilities—the core strategy behind Asia's largest IBIT holder; launched Alpha BTC, Hong Kong's first Bitcoin-standard compliant asset management product, and appointed renowned economist Fu Peng as Chief Economist. AUM continued to grow: as of March 31, 2026, group AUM was approximately US$145.6 million; by August, Bitfire Premium's AUM exceeded US$200 million, and group global AUM surpassed HK$2 billion, up 851% from pre-transition, with nearly 2,000 new clients. Expanded RWA integrated operator business, covering RWA asset management, trading/market making, and custody, connecting native crypto assets, tokenized US equities, and traditional alternative assets; launched Alpha RWA, Hong Kong's first compliant crypto quantitative strategy. Future focus: leverage compliant licenses and risk control to deepen private banking-grade digital asset wealth management, advance RWA from conceptual issuance to investable, tradable, allocable standardized financial services, and continue building a Hong Kong-centered, globally reaching compliant digital financial ecosystem.
Core executives of Bitfire (based on available info):
Livio Weng (CEO): Former COO of HashKey Group, CEO of Huobi Global from 2018 to 2021. Holds a master's degree in software engineering from Tsinghua University.
Lily Zhang (CFO): Former CFO of Huobi. Led the US IPO of Canaan Inc. Previously worked at Guotai Junan Securities and PricewaterhouseCoopers. Graduated from Tsinghua University.
Andrew Zhang (CTO): No reliable public information available.